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LocalRipple.co - Fastest, easiest and safest way to buy or sell XRP

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2 hours ago, RippleLocal said:

@SilverSailor Buying XRP from another member via their trade offer is free, selling XRP to another member via their trade offer is free. The action of posting a trade offer itself is free. The 1% fee is retained from transactions that were initiated by other members via your trade offers. I'm hoping this explains it.

 

You didn't answer the most important part of my question:

why don't you tell us who you are, then? why not tell us a little about DRS Media LLC?  As in, which state of the US is this LLC organized within?  

 

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1 hour ago, lysistrada said:

You didn't answer the most important part of my question:

why don't you tell us who you are, then? why not tell us a little about DRS Media LLC?  As in, which state of the US is this LLC organized within?  

 

I was having trouble understanding how in the world you brought up the name "DRS Media" into this discussion, but after carefully reviewing everything... it was obvious...

Apparently one of my colleagues thought it was a good idea to simply copy / paste a part of the footer from an old project of ours which was coded for the mentioned company.

To clarify this further, we are not an US based company, we are based in Romania.

We are a small group which is part of this rare breed of humans, also known as programmers, that used to work for SC RO2BIZ ONLINE SOFTWARE SRL. At some point we decided to take our fates into our own hands and after several 3rd party projects we thought it would be a good idea to develop a platform that acts in a similar way to LocalBitcoins with the difference that we don't want to keep people's XRP in a 3rd party wallet managed by us, like exchanges do for example.

Bottom line, we are trying to do this right, and we will, whether it will be called LocalRipple or LocalXRP is of no relevance if you ask me, what matters is, as I've previously mentioned, the idea and the platform itself.

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1 hour ago, RippleLocal said:

I was having trouble understanding how in the world you brought up the name "DRS Media" into this discussion, but after carefully reviewing everything... it was obvious...

Apparently one of my colleagues thought it was a good idea to simply copy / paste a part of the footer from an old project of ours which was coded for the mentioned company.

To clarify this further, we are not an US based company, we are based in Romania.

We are a small group which is part of this rare breed of humans, also known as programmers, that used to work for SC RO2BIZ ONLINE SOFTWARE SRL. At some point we decided to take our fates into our own hands and after several 3rd party projects we thought it would be a good idea to develop a platform that acts in a similar way to LocalBitcoins with the difference that we don't want to keep people's XRP in a 3rd party wallet managed by us, like exchanges do for example.

Bottom line, we are trying to do this right, and we will, whether it will be called LocalRipple or LocalXRP is of no relevance if you ask me, what matters is, as I've previously mentioned, the idea and the platform itself.

4

Ok, setting aside the fact that the "simple" mistake of calling it "LocalRipple" means you have to - necessarily - be ignorant of the history of Opencoin, Ripple, XRP and such... and setting aside the fact that not knowing that is a problem for me since I only want to support true supporters of the XRP ecology... setting that aside...

Can you elaborate on how your escrow system works? Each XRP wallet created requires 20 XRP as a minimum reserve balance.  Exchanges address this by having a single wallet under their control and then destination tags for each user which they manage.  But your comment above ("the difference that we don't want to keep people's XRP in a 3rd party wallet managed by us") indicates you have some other model.  How do the economics of this work?  If the minimum trade on your site is 1XRP and - if I understood correctly - peer-to-peer trades are free if they did not originate from the listings, then how does this makes sense? I could be totally misunderstanding something or overlooking something, so please enlighten me.

How does your model work and how is it profitable?  This is the sort of information people will want to have answered if they're going to send XRP to an address you present to them as the escrow address.  Please note that I understand multi-signature escrow for bitcoin and other coins with no minimum reserve.  I also understand that multisigning is available via the XRP ledger, but that doesn't address the 20 XRP minimum in light of your trade minimums.  

 

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Posted (edited)
14 hours ago, RippleLocal said:

@Pablo Firstly I'd like to thank you for the very pertinent questions.

The advantages of trading through our platform would be the transaction fees. With us there are no deposit / withdraw fees ( there's no such thing to begin with ), plus you can actually trade anonymously. 

The process speed can be slightly higher than through an exchange platform because it requires both trade parties to be online at the same time, however, if they both are the whole transaction can be completed in less than 10 minutes.

And yes, the system is 100% autonomous unless a dispute is filed, in which case a human agent will take over the case.

Either way, to make this a bit clearer, the overall principle is pretty much the same with the one used by LocalBitcoins.com with the only difference that we do not force the members that post trade offers to store their XRP within a wallet of our own.

Canadian FINTRAC / FINCEN  requires compliance in 6 categories:

Reporting <---

Record Keeping <---

Ascertaining identity<---

Compliance Regime (AML ) <---

etc...

If you're facilitating anonymous non AML compliant transactions, you may be opening yourself to a world of hurt:

"The penalties for non-compliance include significant fines and jail terms. The penalties are outlined in Part 5 of the Act. Failure to comply can lead to criminal charges against the persons and entities subject to the Act. The following are some of the elements of the penalties:

• Failure to report suspicious transaction: conviction could lead to 5 years imprisonment and/or a fine of up to $2,000,000

• Failure to report large cash transaction: conviction could lead to a fine of up to $500,000 for first offence and $1,000,000 for subsequent offences.

• Failure to retain records: conviction could lead to 5 years imprisonment and/or a fine of up to $500,000."

Edit: 

"the overall principle is pretty much the same with the one used by LocalBitcoins.com".

*Not sure that I'd want to model anything after an entity that has had hackers steal BTC from their users' accounts, posted instructions on how to bypass the access restrictions in Russia (after it was banned by the Ministry of Finance), had to deal with numerous cases of Money Laundering claims etc...

 

Edited by PhiGuy

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Posted (edited)

If I am correct, this is how your service works:

Alice puts an offer to sell XRP

You will fake a counteroffer to buy it, and notify Alice: "hooray, you've got a buyer!"

Alice sends XRP to your "escrow".

You wait up to 5 days until price of XRP has gone up, then sell it on exchange, and close the deal. You proft, Alice has done a bad deal.

If price did not go up in 5 days, you return the funds, "unfortunately buyer did not pay, but luckily you used our escrow service, thanks for the 1% fee".

With XRP buy offers, you do the reverse, and wait for price to drop.

Or are you just going to steal people's funds?

Edited by whatever

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6 hours ago, lysistrada said:

Ok, setting aside the fact that the "simple" mistake of calling it "LocalRipple" means you have to - necessarily - be ignorant of the history of Opencoin, Ripple, XRP and such... and setting aside the fact that not knowing that is a problem for me since I only want to support true supporters of the XRP ecology... setting that aside...

Can you elaborate on how your escrow system works? Each XRP wallet created requires 20 XRP as a minimum reserve balance.  Exchanges address this by having a single wallet under their control and then destination tags for each user which they manage.  But your comment above ("the difference that we don't want to keep people's XRP in a 3rd party wallet managed by us") indicates you have some other model.  How do the economics of this work?  If the minimum trade on your site is 1XRP and - if I understood correctly - peer-to-peer trades are free if they did not originate from the listings, then how does this makes sense? I could be totally misunderstanding something or overlooking something, so please enlighten me.

How does your model work and how is it profitable?  This is the sort of information people will want to have answered if they're going to send XRP to an address you present to them as the escrow address.  Please note that I understand multi-signature escrow for bitcoin and other coins with no minimum reserve.  I also understand that multisigning is available via the XRP ledger, but that doesn't address the 20 XRP minimum in light of your trade minimums.  

 

The principle of our escrow is pretty much the same, we are also using a single wallet however instead of assigning a destination tag for each user, we assign one for each transaction ( kind of irrelevant though ).

The difference I've been talking about is that you can't actually keep ( for longer periods ) your XRP within our wallet unless you are involved in an active transaction, after which the XRP payment is released to your personal wallet. Take LocalBitcoins for example, to trade with them you have to deposit your bitcoins into one of their wallets for longer periods of time. But what if they somehow get hacked? Yes, the chances are very slim, yes it's highly unlikely, but what if? Those exchanges that got hacked, what were the odds of that to actually happen? How much money were stolen? What if they wouldn't have forced their users to "keep" their money within their 3rd party wallets?

I assume your next question will be something like:
"Ok, but if you don't offer anything game breaking why wouldn't I just use a reputable exchange and withdraw immediately?"
The answer should be quite simple. Some EU banks ( most of the Romanian ones for sure ) block transfers from and to exchanges ( don't ask me why, I know how stupid this is... ). With LocalRipple your bank transfers would come from other people, thus solving this problem. Also, with LocalRipple you can actually trade anonymously if that's what you want.

To clarify the last matter you brought up, the trades are free for you if you are not the person who listed the trade offer. On the other hand if you complete a transaction through a trade offer ( listing as you called it ), and you are the owner of that listing you will pay 1% of the transaction value as fee. The fact that will clear the confusion is that you can only initiate a transaction through a trade offer.

P.S. This thread has been very helpful in terms of allowing us to see how people understand and react to the service we provide. We will most likely use parts of this on our website to better explain how the whole process works, so, thank you for the constructive criticism and for taking the time to reply.

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7 minutes ago, whatever said:

If I am correct, this is how your service works: 

@whateverI wanted to give the founders the benefit of the doubt. But I'm really struggling to come to a different conclusion to you on this one.

One can only hope that any potential users see this thread and reach their own conclusions about the safety and efficacy of the platform.

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Posted (edited)

@PhiGuy I'm not sure I understand why the canadian FINTRAC / FINCEN would be a point of interest for us considering that we are not canadian citizens nor is our business canadian based.

Also, in my previous reply I mentioned why our business model does not allow such hacks and thefts, and that's because the XRP can not be kept within our wallet for longer periods.

@whatever You couldn't be more wrong. Let me explain :
1. The fee is only perceived on "completed" transactions. The "disputed" / "canceled" transactions are not retained any fees, obviously...
2. As for the "stealing" part... I honestly don't know how other people would feel about working so hard on a project just to steal a couple hundred bucks, but for us that's definitely not a good deal.
3. The whole "conspiracy theory" you cooked is quite smart, I'll give you that, but you're forgetting the fact that you can see the transactions of any XRP wallet, providing you know the address, which you obviously will.

Whether you believe it or not we're actually here to stay, pulling up such a thing wouldn't really help with that :)

Either way guys, just like someone else mentioned in an earlier reply, our greatest challenge is to gain the people's trust, which we eventually will. The only real question is how long will that take?

Edited by RippleLocal

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Posted (edited)
6 hours ago, RippleLocal said:

@PhiGuy I'm not sure I understand why the canadian FINTRAC / FINCEN would be a point of interest for us considering that we are not canadian citizens nor is our business canadian based.

Also, in my previous reply I mentioned why our business model does not allow such hacks and thefts, and that's because the XRP can not be kept within our wallet for longer periods.

@whatever You couldn't be more wrong. Let me explain :
1. The fee is only perceived on "completed" transactions. The "disputed" / "canceled" transactions are not retained any fees, obviously...
2. As for the "stealing" part... I honestly don't know how other people would feel about working so hard on a project just to steal a couple hundred bucks, but for us that's definitely not a good deal.
3. The whole "conspiracy theory" you cooked is quite smart, I'll give you that, but you're forgetting the fact that you can see the transactions of any XRP wallet, providing you know the address, which you obviously will.

Whether you believe it or not we're actually here to stay, pulling up such a thing wouldn't really help with that :)

Either way guys, just like someone else mentioned in an earlier reply, our greatest challenge is to gain the people's trust, which we eventually will. The only real question is how long will that take?

sigh...

"@PhiGuy I'm not sure I understand why the canadian FINTRAC / FINCEN would be a point of interest for us considering that we are not canadian citizens nor is our business canadian based."

Here---> https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/romania

Edited by PhiGuy

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17 hours ago, PhiGuy said:

sigh...

"@PhiGuy I'm not sure I understand why the canadian FINTRAC / FINCEN would be a point of interest for us considering that we are not canadian citizens nor is our business canadian based."

Here---> https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/romania

@PhiGuy What you posted there is a reference of how the European Union "wants" Romania to change the money laundering law.

In this very moment, the Romanian money laundering and terrorism financing prevention law, 656/2002 revised in 2012 and with it's final form published in the official monitor on 09.06.2017, has no reference regarding virtual currency / cryptocurrency transfers.

Should this change, we will of course abide by the law, and potentially remove the anonymity factor if so required.

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Posted (edited)

Please name the company providing insurance,  what are the trrms ofnthe insurance? 

EDIT: this platform and company are too opaque to consider using. I would not deposit any funds here. The site is not attached to a real world business or identities and the legal page blank, among many other concerning issues.

Edited by cmbartley

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1 hour ago, cmbartley said:

Please name the company providing insurance,  what are the trrms ofnthe insurance? 

EDIT: this platform and company are too opaque to consider using. I would not deposit any funds here. The site is not attached to a real world business or identities and the legal page blank, among many other concerning issues.

@cmbartley The paperwork hasn't been released by the chamber of commerce yet but the company name will be SC RODESTA SRL. Once this final step is completed the info will be posted on our website as well.

There's one thing I'm failing to understand though. Insurance for what? And what kind of "deposit" are you talking about? Our platform does not require any of our members to pre deposit like localbitcoins.com does for example. I mean, when you initiate a transaction or when you get a transaction request, you or your trading partner are making the escrow deposit until the transaction is either completed or canceled, after the which the escrow payment is released. The whole system is automated and a successful transaction takes around 10 minutes maximum while a canceled one takes less.

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9 minutes ago, RippleLocal said:

@cmbartley The paperwork hasn't been released by the chamber of commerce yet but the company name will be SC RODESTA SRL. Once this final step is completed the info will be posted on our website as well.

There's one thing I'm failing to understand though. Insurance for what? And what kind of "deposit" are you talking about? Our platform does not require any of our members to pre deposit like localbitcoins.com does for example. I mean, when you initiate a transaction or when you get a transaction request, you or your trading partner are making the escrow deposit until the transaction is either completed or canceled, after the which the escrow payment is released. The whole system is automated and a successful transaction takes around 10 minutes maximum while a canceled one takes less.

You really think we fall for this crap and believe "automated escrow" is anything else than you acting as a shady unlicensed and untrustworthy middleman in the transaction, with the purpose of siphoning funds away from your clients to your own wallet? This is not 2011 anymore, you know.

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Posted (edited)
41 minutes ago, whatever said:

You really think we fall for this crap and believe "automated escrow" is anything else than you acting as a shady unlicensed and untrustworthy middleman in the transaction, with the purpose of siphoning funds away from your clients to your own wallet? This is not 2011 anymore, you know.

@whatever 
Silly joke : How do you trust your socks seller in 2019? What if he secretly sews a poisoned thread into your socks that makes you fall in love with him and give him your house and all your belongings.

Leaving that aside, there will be other people that, I quote, "will fall for this crap" and will trade normally, and then everyone will see that there's no "conspiracy theory" or "theft" or "scam" and that there's still "good left in the world".

But for us, this is not a community service, we're doing this for money, pretty much like everyone else ( the 1% fee ). It's a safe assumption to consider that we will make considerably more money from that 1% fee if we have a safe trading environment which is rather popular than if we would actually be trying to "scam" people for a few bucks. Do a Google search on how much money LocalBitcoins makes. We don't dream of getting there tomorrow but who knows what this whole thing will look like 10 years from now.

As a side note, when we developed the platform we thought that the main problem we'll have promoting, will be the 1% fee. We didn't think for a second that some people will be so reserved about using it because of a "possible scam".

Either way, you are not wrong to think, act, and feel this way considering how many scams are happening over the internet. So, a big thumbs up for that!

Edited by RippleLocal

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